I applied for a fha loan I have nobody to cosign for me I have 3500 to put down my credit is 800 and I only Qualifyed for 75000 loan

Asked by Ieatcrayolas, Vacaville, CA Sun Jun 24, 2012

How do I get more money for a loan? My credit is good guess I need more income I have a job what more do I need??????

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7
Alex, Home Owner, Solano County, CA
Sat Jul 7, 2012
If you don't mind living in a rural area, try a usda rural home loan. They are federally insured and do not require mortgage insurance, which increases the amount you can borrow. I used one about 18 months ago and love it. Fixed, low rate and easy to qualify for. You can read about them online. I used a company out of Utah to finance mine, RANLife. They rocked and we did everything electronically. Very simple. I would highly recommend them ... good luck and hopefully this one will work for you!
0 votes
Cindy Davis, Agent, San Diego, CA
Mon Jun 25, 2012
I think you answered your own question! You perhaps need to look at getting a better job, or second jo to amp up your income.

Loan regulations are very tight right now...the industry is still reacting to the fiasco that occurred...There are places where you can obtain a hard money loan...but honestly, I would not recommend it.

If you don't qualify, maybe it's best that you don't buy and assess how you can increase your income.

Good luck.
0 votes
Robert Chome…, , San Diego, CA
Mon Jun 25, 2012
$3,500 down will get you to a maximum $100,000 purchase price FHA. What is your monthly income?Do you have any credit card payments, student loan or car payments?
0 votes
Gregorio Den…, , San Diego, CA
Mon Jun 25, 2012
How much are you looking to qualify for? FHA does allow higher ratios than conventional financing but it will depend on the specific numbers. Get a second opinion to see how much you qualify for.
Web Reference:  http://WeFixRates.Com
0 votes
, ,
Mon Jun 25, 2012
You don’t need DAP because FHA only requires 3.5% down and the seller can pay all of the closing cost and pre-paids up to 6% of the purchase price, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes
Marge Bennett, Agent, Fort Myers, FL
Mon Jun 25, 2012
You need to talk with a lender who knows not only FHA loans, but also about any programs in your area for down payment assistance,
Congrats on your great credit score. Keep it up.
0 votes
Jim and Sally…, Agent, Vacaville, CA
Sun Jun 24, 2012
Good evening. The minimum down payment for an FH loan is 3.5% of the purchase price of the home. With $3500 down , you should qualify for $100K loan if your debt to income ration isadequate. This does not take into considieration ny closin cost which would be approx. $3000. Closing cost can be paid for by the seller if it is agreed to in the contract.
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